Niyogin Fintech shares will be in spotlight on Wednesday after Morgan Stanley purchased over 6.7 lakh shares of the business for Rs 3.74 crore in a block sale on Tuesday. The stock was purchased for Rs 55.65 per share.
The seller in the transaction was Think India Opportunities Master Fund LP, which sold the same number of shares. As of September 30, 2024, the fund's interest in the firm was 87,24,344 shares, or 9.17%.
On Tuesday, the stock rose 15% to a high of Rs 63.60 before closing at Rs 62.20. Niyogin Fintech has a market valuation of Rs 591.87 crore.
The company began by developing a premier 'Neobank' platform architecture to assist MSMEs with credit-related needs, financial inclusion, investments, and SaaS solutions.
The stock has been a loser over the last year, with its share price falling 14%. This year's loss has been more dramatic, with the stock losing 33% of its value. The underperformance contrasts with the S&P BSE Sensex, which has returned 21% in the last 12 months.
The stock has been falling since its 52-week high of Rs 98. It fell to a 52-week low of Rs 45 in October this year. The pullback has sent the stock below its 200-day simple moving average (SMA) of Rs 66, but it is still trading higher than its 50-day SMA of Rs 53.
Despite the dip, the stock remains overbought, with an MFI of 87, according to Trendlyne. It has also been very volatile, with a one-year beta of 1.1.
